Moody's may up Sovereign Specialty Chemicals

Moody's Investors Service said it placed the ratings of Sovereign Specialty Chemicals Inc. under review for possible upgrade due to the pending acquisition of Sovereign by Henkel Corp. for about $575 million.

Under review are Sovereign's B1 rated guaranteed senior secured revolving credit facility, guaranteed senior secured term loan A and B, Caa1 rated senior subordinated notes, B2 senior implied rating and B3 issuer rating.

Moody's said Sovereign's portfolio of niche adhesives and coatings will be complementary to Henkel's existing portfolio of products and will likely provide a reasonable level of synergies over time.

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